Overseas Property Agent
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What to look for in your overseas property agent
If you are considering purchasing an overseas investment property and are looking to an agent to help you, then there are a number of details you should consider before selecting your agent.
Firstly, you should have selected the country, and perhaps the location within the country, in which you wish to invest. That will allow you to identify overseas property agents who promote in that vicinity. A lot of this work can be done on the internet which should lead you to agents’ websites through which you can contact them.
Do you hit it off with an agent?
I am a great believer in the adage that ‘people buy from people’. One of the actions I would always advise anyone buying an investment property through a property agent is that they meet with the agent and interview them thoroughly. You need to both like and trust the person you are relying on to invest, possibly large sums of money, on your behalf. If you neither like nor trust them on meeting, move on immediately. Gut instinct and intuition are things we should trust implicitly, as they are rarely wrong.
Is your agent an investor?
The next point of reference for you is whether the agent is an investor in UK or overseas property themselves and perhaps, more specifically, have they invested where you’re thinking of investing?
This is an important topic to explore with the agent because it is difficult for someone who is not a property investor to educate someone else on the best investments. So look for an agent with previous and, if possible, extensive experience of investing with preferably overseas experience included.
If they have themselves invested where you’re intending to that is a reassurance to you but it will be good to see their purchase contracts as proof. If they’ve bought they won’t mind showing you the contracts. If they hesitate or make excuses about showing them to you, move on.
How long has your agent been in business?
Next find out what background the agent has in their chosen business. How long have they been promoting overseas property? Are they members of a professional body that sets standards for overseas property agents, such as the Association of International Property Professionals? How successful have they been in selling? Where have they been selling? Do they have satisfied clients who would be willing to provide references on their behalf?
In the latter case, obtain details of referees and contact them. If possible meet up with them and discuss with them what they personally purchased and what their opinion of the process was. Was the agent supportive and did they hold their hand through the purchasing process and keep them informed at every step? Very important is to find out how many clients went back to the agent to buy more properties after the initial purchase. All this is important because the support received by these referees is likely to be the same you receive. So if it is mixed, or worse, bad, then this is probably not the agent for you.
Is your agent a professional?
If your agent is the member of a professional body that may not make them a true professional. Have a look at the image they present to the world. Do they have a website and what does it look like? A sloppy, out-of–date or uninformative website may indicate the same approach to everything else. Are their business cards elegant or free and barely thicker than paper? Is the ‘Contact Us’ information on the website current or are the phones and email addresses no longer valid? When you met the agent, did they look well dressed and successful?
All these points individually may not be indicative of the agent’s professionalism, but taken together they will provide a reasonable pointer to the overall measure of service they are likely to bring to the table on your behalf.
Select your Overseas Property Agent
Firstly, liking someone and forming a relationship based on trust and respect is paramount to achieving successful investments together.
This is a large step to take for even the experienced investor because, regardless of all the due diligence you do, there is still a leap of faith involved and no property investments can be entirely risk free.
But choosing to work with someone as your agent who is a professional and has relevant experience of investing, selling and supporting clients throughout is someone to be sought out. If you find one, stick with them.